Graduated summa cum laude from the Wharton School of Business at the University of Pennsylvania with a degree in economics in 2004. Has an older brother, Donald Trump Jr. & younger brother, Eric Trump and two younger half-siblings; Tiffany Trump and Barron Trump.
Records for tax deductions taken. Length of time to keep, and why:Seven years. 1  The IRS has three years from your filing date to audit your return if it suspects good-faith errors.  The three-year deadline also applies if you discover a mistake in your return and decide to file an amended return to claim a refund.
Six-Year General Guideline. The IRS recommends taxpayers keep tax records for at least the three-year period the government has to collect underpaid taxes from taxpayers. The IRS may collect additional taxes for six years from taxpayers who have failed to report income exceeding 25 percent of his gross taxable income.n addition to tax forms and tax returns, taxpayers should keep all records that prove deductions, income and loss on their Form 1040s.